burnakura sold

JOINT ASX RELEASE Tectonic Resources NL Extract Resources Limited October 3, 2007 Company Announcements Office Australian Stock Exchange Limited 20 Bridge St SYDNEY NSW 2000 Dear Sir DIVESTMENT- BURNAKURA GOLD PROJECT The Burnakura Joint Venture (BJV) participants, Tectonic Resources NL (ASX: TTR) and Extract Resources Limited (ASX: EXT) are please to announce the execution of a Letter of Intent (LOI) to divest both parties’ interests in the Burnakura Project to TSX Venture Exchange listed company ATW Venture Corp (TSXV: ATW) The general terms of the proposed sale are: • Payment of a $100,000 non refundable deposit upon signing the LOI. • Execution of a formal agreement subject to completion of due-diligence • Balance of AUD $3,900,000 cash payable on completion • Issue of 5,000,000 shares in ATW (ATW last traded at C$0.63). • 5,000,000 warrants (3 years or as determined under policies of the TSXV) exercisable at a 25% premium to the ATW share price as at date of signing. • Upon completion the new entity will assume all rights, liabilities and obligations associated with the tenements constituting the Burnakura Project.
The sale is subject to ratification under TSXV listing rules requiring lodgment of a National Instrument 43-101 compliant technical report and a capital raising of not less than CAD$6,000,000. The agreement contemplates completion of the transaction prior to mid-December After lengthy negotiations with various parties the joint venture is confident this represents the best outcome for both groups of shareholders. After thorough due diligence we believe the experience and credentials of ATW will provide the project the best opportunity of success through a well funded, targeted exploration program leading to expansion of an already substantial 391,000 ounce resource base. Yours sincerely Steve Norregaard Managing Director Tectonic Resources NL Peter McIntyre Managing Director Extract Resources Limited 21 Teddington Road Burswood WA 6100 Telephone: (08) 64673900 Facsimile: (08) 64673999 Web Site: www.tectonicres.com.au 30 Charles Street, South Perth, Western Australia Telephone: (08) 93672111 Facsimile: (08) 9316 1270 Website: www.extractresources.com.au About ATW Venture Corp. ( www.atwventure.com ) ATW Venture Corp. (TSXV:ATW) listed on the TSX Venture Exchange in November 2006. The company is focussed on precious and base metal exploration currently possessing two projects. The company is a major land holder in the highly prospective Veladero-El Indio gold belt, in San Juan Province, Argentina. ATW have signed a joint venture with the property owner, Marifil Mines Limited whereby ATW can earn up to a 70% interest in the property over a period of 5 years. The Carp property located about 48 kilometres southwest of Mackenzie in north-central British Columbia, optioned by ATW Venture Corp. from Mountain Boy Minerals. ATW Venture Corp. can earn up to 80% of undivided beneficial right, title and interest in the property from Mountain Boy Minerals after incurring a total of $800,000 in expenditures on the property over four years. There are no other agreements or payments to which the property is subject. The area is prospective for gold and base metals. The company has 5 directors, Perth based President and CEO Brent Butler is a geologist previously having worked for Kinross (Australia and International postings), Hunter Resources and Sons of Gwalia. Chief Financial Officer and Director Andrew Bowering has 17 years corporate administration experience and is VP Finance of Pinnacle Mines Ltd. Luke Norman VP Corporate Development is a former stockbroker and investment adviser and non executive directors Robert Schafer, (geologist) and Graham Harris, (economist) complete the board of directors.